New York State Teachers Retirement System Has $5.36 Million Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

New York State Teachers Retirement System raised its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPRGet Rating) by 12.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 60,516 shares of the company’s stock after buying an additional 6,495 shares during the quarter. New York State Teachers Retirement System owned 0.22% of Innovative Industrial Properties worth $5,356,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Comerica Bank grew its holdings in shares of Innovative Industrial Properties by 2.0% during the 3rd quarter. Comerica Bank now owns 40,936 shares of the company’s stock worth $3,907,000 after purchasing an additional 806 shares in the last quarter. Money Concepts Capital Corp grew its holdings in shares of Innovative Industrial Properties by 346.7% during the 3rd quarter. Money Concepts Capital Corp now owns 1,340 shares of the company’s stock worth $119,000 after purchasing an additional 1,040 shares in the last quarter. Peregrine Capital Management LLC grew its holdings in shares of Innovative Industrial Properties by 33.7% during the 3rd quarter. Peregrine Capital Management LLC now owns 117,796 shares of the company’s stock worth $10,425,000 after purchasing an additional 29,717 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Innovative Industrial Properties by 111.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 17,553 shares of the company’s stock worth $1,553,000 after purchasing an additional 9,236 shares in the last quarter. Finally, Versor Investments LP acquired a new stake in shares of Innovative Industrial Properties during the 3rd quarter worth approximately $355,000. Institutional investors and hedge funds own 73.71% of the company’s stock.

Analyst Upgrades and Downgrades

IIPR has been the topic of several recent research reports. Piper Sandler decreased their price objective on Innovative Industrial Properties from $135.00 to $117.00 and set an “overweight” rating on the stock in a report on Friday, October 7th. Roth Capital decreased their price target on Innovative Industrial Properties from $190.00 to $170.00 in a research note on Wednesday, November 9th. Craig Hallum boosted their price target on Innovative Industrial Properties to $140.00 in a research note on Wednesday, November 16th. StockNews.com raised Innovative Industrial Properties from a “sell” rating to a “hold” rating in a research note on Friday, November 11th. Finally, Compass Point raised Innovative Industrial Properties from a “neutral” rating to a “buy” rating and boosted their price target for the company from $100.00 to $175.00 in a research note on Monday, September 19th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $166.67.

Innovative Industrial Properties Trading Up 1.2 %

Shares of IIPR opened at $111.94 on Monday. The stock has a fifty day moving average price of $109.94 and a two-hundred day moving average price of $101.94. The company has a debt-to-equity ratio of 0.15, a quick ratio of 24.10 and a current ratio of 24.10. Innovative Industrial Properties, Inc. has a 52-week low of $87.47 and a 52-week high of $211.73. The company has a market cap of $3.13 billion, a price-to-earnings ratio of 21.53 and a beta of 1.63.

Innovative Industrial Properties (NYSE:IIPRGet Rating) last issued its quarterly earnings data on Wednesday, November 2nd. The company reported $1.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.92 by ($0.60). Innovative Industrial Properties had a net margin of 53.43% and a return on equity of 7.92%. The business had revenue of $70.88 million during the quarter, compared to the consensus estimate of $68.60 million. Analysts predict that Innovative Industrial Properties, Inc. will post 7.71 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Friday, December 30th were given a $1.80 dividend. The ex-dividend date of this dividend was Thursday, December 29th. This represents a $7.20 annualized dividend and a yield of 6.43%. Innovative Industrial Properties’s payout ratio is 138.46%.

Innovative Industrial Properties Profile

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Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.

See Also

Institutional Ownership by Quarter for Innovative Industrial Properties (NYSE:IIPR)

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